Bitcoin briefly dethroned by unknown altcoin due to CoinGecko glitch

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CoinGecko, one of the world’s largest cryptocurrency tracking sites, had a major crash on Friday morning when Bitcoin (BTC) accidentally lost its position as the largest digital currency by market value of a lesser-known altcoin.

The list of the most valuable cryptocurrencies on CoinGecko became somewhat irrelevant for a while, as the market value of BTC temporarily subsided after the token known as Relevant (REL).

From 07:20 UTC, REL was mistakenly placed at the top of the most valuable cryptocurrency on CoinGecko, and the market value reached an insane $ 6.5 trillion, or more than any other asset in the world combined.

Source: CoinGecko
The vulnerability also affected the overall market value of the CoinGecko cryptocurrency, with the market value temporarily increasing until 7 September. The problem was quickly resolved as the site data, at. 08:20 UTC, went back to normal.

CoinGecko co-founder and CEO Bobby Ong told Cointelegraph that the site’s error was caused by a serious error, saying:

“We have encountered an internal error affecting the market value of some currencies, and we are currently working on a solution to this problem. The situation is stabilizing, so we hope that such cases will not happen again.”
According to CoinGecko’s main competitor, CoinMarketCap, the REL token has risen since the crash, with the price rising to $ 0.9, or more than 20% in the last 24 hours at the time of writing. According to the website, the fully diluted coin has a market value of $ 24.7 million and is ranked number 5378 by market value.

The REL token was launched by crypto developer Slava Balasanov in 2018. After reaching an all-time high above $ 8 in April 2021, the REL token fell below $ 1 in two months.

Some crypto community enthusiasts have ridiculed the recent CoinGecko crash because it happened shortly after CoinMarketCap owner Binance announced a $ 200 million investment from Forbes on Thursday.

Related: CoinMarketCap removes addresses of suspected SHIB wormholes

CoinGecko is not alone in facing such vulnerabilities. CoinMarketCap faced a similar problem in January 2021 when encapsulated bitcoin (wBTC) suddenly rose in value by $ 4 billion, and briefly and accidentally became the most valuable cryptocurrency on the site.

Source: CoinTelegraph

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